Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/80127
Authors: 
Tirelli, Mario
Year of Publication: 
2005
Series/Report no.: 
Working Paper, Brown University, Department of Economics 2005-12
Abstract: 
In this paper we use global analysis to study the welfare properties of general equilibrium economies with incomplete markets (GEI). Our main result is to show that constrained Pareto optimal equilibria are contained in a linear submanifold of the equilibrium set. This result is explicitly derived for economies with real assets, of which real numĀ“eraire assets are a special case.
Subjects: 
General equilibrium
incomplete markets
optimality
global analysis
JEL: 
D52
D61
D62
Document Type: 
Working Paper

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